Flood Insurance for Cancelled Communities
Does your financial institution service a community where the sale of flood insurance authorized by the National Flood Insurance Program (NFIP) has been suspended?
If not, will one of the communities your financial institution services be next on the list of suspended communities?
Many of you receive daily or weekly compliance updates that frequently contain a list of communities across the nation that have been suspended from the program. The process for suspending a community from the NFIP begins at least six months prior to the suspension date; therefore, the community does have time to ensure proper documentation of legally enforceable floodplain management measures are taken. If the community fails to take appropriate steps and is not reinstated in the NFIP there may be a significant impact on a financial institution’s lending practices. We will dive into this issue that may be plaguing your financial institution and determine how to swim through the legalities of lending in these communities.
This two-hour webinar explains the requirements of communities to take adequate floodplain management measures and how a community falls into a suspended status. In addition, we will look to see how a community can be reactivated once a suspension occurs. The program will explain why your financial institution should track these community suspension notifications and what steps you must take if you lend in a suspended community. Also, how does a community suspension impact those loans on your books that are in the community and have flood insurance coverage under the NFIP? Participants will receive a detailed manual that serves as a handbook long after the program is completed.
- What steps must a community take to become authorized under the National Flood Insurance Program to offer flood insurance
- How does a community become suspended from the NFIP
- Can a community become reinstated into the NFIP and what steps must be taken for reinstatement
- How does a financial institution know if a community has been suspended under the NFIP
- May a financial institution that is not covered under the NFIP make a loan in a nonparticipating community
- Can you continue to make loans for building-secured loans if the community has been suspended from the NFIP
- Are the loans your financial institution has on the books covered by a flood insurance policy still serviceable loans if the community has been suspended by the NFIP
- What happens to your ability to make building secured loans if a community decides to withdraw from the NFIP
The program is designed for loan officers, compliance officers, loan processors and clerks and auditors. Whether new to the requirements of HMDA and Regulation C or a seasoned veteran, this program provides a comprehensive review of the new requirements of HMDA and Regulation C.
Jack Holzknecht is the CEO of Compliance Resource, LLC. He has been delivering the word on lending compliance for 41 years. In 36 years as a trainer over 130,000 bankers (and many examiners) have participated in Jack’s live seminars and webinars. Jack’s career began in 1976 as a federal bank examiner. He later headed the product and education divisions of a regional consulting company. There he developed loan and deposit form systems and software. He also developed and presented training programs to bankers in 43 states. Jack has been an instructor at compliance schools presented by several state bankers associations. As a contractor, he developed and delivered compliance training for the FDIC for ten years. He is a Certified Regulatory Compliance Manager and a member of the National Speakers Association.
Kelly M. Owsley is Director of Training Services for Compliance Resource, LLC. Kelly’s career in banking began in 2000. Since then she has worked for financial institutions ranging in asset size from $250 million to $3 billion. Kelly has worked in numerous areas of the financial services industry including retail branch management, lending, product development and training. In addition, Kelly spent three years in a training and development role with CUNA Mutual Group servicing the largest credit union in the United States. Most recently, she served as the Vice President of Compliance, BSA Officer, and CRA Officer for a community bank where she was responsible for implementing and training all compliance related topics. Kelly has conducted seminars in multiple states and has participated in numerous webinars sponsored by national providers. She is a Certified Regulatory Compliance Manager.
Institute of Certified Bankers: Visit http://www.icbmembers.org/login.aspx for instructions regarding self-reporting. Estimated credits: 2.5 CE Credits
- Live Webinar which includes 5 Day On-Demand - $265
- Six Month On-Demand – $295
- Live plus Six Month On-Demand – $365
- CD-ROM (Includes Six Month On-Demand) – $345
- Premier (Includes all options) – $395
- Additional Locations – $75
Online: Click here.
Phone: Call Total Training Solutions at (800) 831-0678
Register online up to day of event. Earlier registration allows time to check your computer for an optimal experience.